The approach contained in IAS 1/AASB 101 to the determination of a company's profit or loss is:
A) the new approach.
B) the inclusive approach.
C) the all-inclusive profit approach.
D) the equity approach.

Question

Quizplus · Accepted Answer

IAS 1/AASB 101 adopts the all-inclusive profit approach, which requires that all items of income and expense recognized in a period be included in profit or loss unless a standard or an interpretation requires otherwise.

The Approach Contained in IAS 1/AASB 101 to the Determination